Home / Knowledge / News / Textiles / CTG not properly implemented: Nigeria's BoI
CTG not properly implemented: Nigeria's BoI
19
Feb '16
The failure of state governments to implement the National Cotton, Textile and Garment (CTG) Policy is the main reason for failure of textile companies in the country, Nigeria's Bank of Industry (BoI) has said, according to Nigerian media reports.

During a regional vocational skill competition in Kaduna organised by BoI in partnership with the National Board for Technical Education (NBTE), Waheed Olagunju, BoI's executive director, small and medium enterprises (SMEs) said, the failure to implement the recommendation on increasing cotton production was the prime reason for the downfall. He further added that lack of lubricants added to the woes of the companies.

Olagunju disclosed that the CTG scheme, which was launched in the year 2010, had provision to fund up to 100 billion Nigerian naira, and about 60 per cent of this amount was disbursed to industries in that sector before being converted to equity. He said the industries did not perform well despite of the funding because the recommendations were not implemented properly.

“You will agree with me that funding is only one of the factors of production, there are other things that go with running a successful industrial enterprise. The bank made money available, but other recommendations were not implemented,” he said.

“If other recommendations were implemented alongside the funding, it would have led to the revival of the CTG sector,” he added.

Olagunju also said that the Nigerian economy is experiencing shortages in terms of the required manpower needed to operate the industries. (NA)

Fibre2fashion News Desk - India


Must ReadView All

Courtesy: American & Efird

Textiles | On 20th May 2018

A&E introduces Repel

American & Efird (A&E), a global leader in industrial sewing thread...

Archroma working with House of Denim Foundation

Textiles | On 20th May 2018

Archroma working with House of Denim Foundation

Archroma, a leader in colour and specialty chemicals, has joined...

Courtesy: Amazon

Textiles | On 20th May 2018

Amazon opening first fulfillment centre in Tucson

Amazon.com is opening its first fulfillment centre in Tucson, which...

Interviews View All

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Headhonchos
Indian fashion industry

Cotton consumption will keep growing in the Indian fashion industry

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Urmil Arya

Sushila International, a well established textile organisation established ...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


May 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search